Fortis Healthcare

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Fortis Healthcare Limited
Company typePublic
BSE: 532843
NSE: FORTIS
IndustryHealthcare
Founded1996; 28 years ago (1996)
Headquarters
Gurgaon
,
India
Area served
Worldwide
Key people
Ravi Rajagopal (Chairman)[1]
ProductsHospitals, Pharmacy, Diagnostic centres
Revenue₹6,359 crore (US$800 million) (2023)[2]
₹920 crore (US$120 million) (2023)[2]
₹611 crore (US$77 million) (2023)[2]
Number of employees
23,000 (2023)[2]
ParentIHH Healthcare (31.1%)
Websitewww.fortishealthcare.com

Fortis Healthcare Limited (FHL) is an Indian for-profit private hospital network headquartered in Gurgaon, India. Fortis started its health care operations in Mohali, Punjab, where the first Fortis hospital was started. Later on, the hospital chain purchased the healthcare branch of Escorts group and increased its strength in various parts of the country. The Escorts Heart and Research Center, Okhla,[3] Delhi became a major operating unit of the chain. Dr. Tehran, the current MD of Medanta and several others have started their careers at this institute.

The Fortis Memorial Research Institute (FMRI) hospital at Gurgaon[4] is the headquarter and flagship hospital of Fortis Healthcare, with all the major facilities at the hospital. It was named as 23rd smart hospital in the world for the year 2021.[5] FMRI was also named the 22nd-best hospital in the country for the year 2022 by Newsweek.[6]

Apart from Fortis Escorts Okhla & FMRI, Fortis Healthcare has other units in Dehli NCR as well, which include Fortis Hospital Faridabad, Noida, Vasant Kunj, Shalimar Bagh (Delhi) and at several other places in the country. Currently, the company operates its healthcare delivery services in India, Dubai and Sri Lanka with 36 healthcare facilities.[7][8]

Malaysia's IHH Healthcare became the controlling shareholder of Fortis Healthcare Ltd by acquiring a 31.1% stake in the company. Fortis Healthcare also appointed four persons from IHH Healthcare to its board in a meeting held in Mohali. The board approved the allotment of over 230 million shares through preferential issue to Northern TK Venture Pte Ltd, a wholly owned indirect subsidiary of IHH Healthcare, at ₹170 per share of ₹10 face value.[9][10]

Other information

In 2018, Manipal Hospitals and TPG Capital acquired Fortis Healthcare Limited as part of a deal for ₹ 39,000 million.[11][12][13] In 2019, Fortis Healthcare announced that it had completed the acquisition of RHT Health Trust (RHT) assets for an enterprise value of ₹ 46,500 million.[14][15] In the same financial year, Fortis reported a consolidated net profit of ₹ 780.10 million for the quarter ended 30 June.[16]

In August 2023, it was announced Fortis had completed its acquisition of Medeor Hospital in Manesar, India from VPS Healthcare for $27.23 million.[17]

Fortis is also a component of the S&P BSE 500.

See also

References

  1. ^ "Fortis Healthcare appoints Ashutosh Raghuvanshi as CEO". The Economic Times. economictimes.indiatimes.com. Retrieved 7 February 2019.
  2. ^ a b c d "Fortis Healthcare Ltd. Financial Statements". moneycontrol.com.
  3. ^ "Fortis Escorts".
  4. ^ "Fortis Hospital Gurgaon has 1000 beds". docprime. Retrieved 14 November 2019.
  5. ^ "Fortis Memorial Research Institute bags recognition as smart hospital". www.biospectrumindia.com. Retrieved 16 March 2022.
  6. ^ Newsweek (2 March 2022). "World's Best Hospitals 2022 - India". Newsweek. Retrieved 16 March 2022.
  7. ^ "Fortis Healthcare – About Us".
  8. ^ "FORTIS HEALTHCARE LIMITED - Company, directors and contact details | Zauba Corp".
  9. ^ "IHH Healthcare completes Fortis deal by acquiring 31% stake". Live Mint. 14 November 2018.
  10. ^ "Fortis Hospital Noida". Full Details Information. 26 March 2019.
  11. ^ "Fortis Healthcare Ltd". Business Standard India.
  12. ^ Sen, Amiti (28 March 2018). "Manipal Hospitals buys Fortis hospitals biz". @businessline.
  13. ^ "TPG-backed Manipal acquires Fortis Health, SRL Diagnostics – Times of India ►". The Times of India. 28 March 2018.
  14. ^ "Fortis completes acquisition of RHT assets at enterprise value of Rs 4650 crore". Medical Dialogues. 17 January 2019.
  15. ^ "Fortis Hospital Gurgaon". Full Details Information. 25 March 2019.
  16. ^ "Fortis Healthcare reports profit of Rs 78 crore for June quarter". Medical Dialogues. 7 August 2019.
  17. ^ nagamanigrandhi (30 August 2023). "Fortis Healthcare acquires Medeor Hospital in India for $27.23m". Hospital Management. Retrieved 30 August 2023.

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